Adam Schefter reports that the Redskins are signing QB Alex Smith to a four-year contract extension now that they’ve completed a trade with the Chiefs for the veteran quarterback.
- According to Chris Mortensen, Smith’s four-year deal with the Redskins will pay him an average $23.5 million per year in new money and $70 million in guaranteed.
We’re still waiting on word regarding the compensation the Chiefs will receive for Smith, but it was clear that in order for the two parties to complete the trade, Washington was going to have to sign Smith to a new contract.
Smith had just one year remaining on his current deal. However, he’s now under contract with the Redskins through the 2022 season once this trade and contract are officially approved by the NFL on March 14.
Smith, 33, is a former first-round pick of the 49ers back in 2005. After seven years in San Francisco, Smith was traded to the Chiefs in 2013.
Smith is in the fourth year of his five-year, $76 million contract that includes $45 million guaranteed and stands to make a base salary of $10.8 million for the 2017 season.
According to OverTheCap.com, trading Smith will free up $17 million of available cap space while creating $3.5 million in dead money.
In 2017, Smith appeared in 15 games for the Chiefs and threw for 4,042 yards while completing 67.5 percent of his passes to go along with 26 touchdowns and five interceptions. He also rushed for 355 yards and a touchdown. Pro Football Focus has him rated as the No. 7 quarterback out of 40 qualifying players.
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